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How the Recent Updates Will Impact the Future of Stellar Lumens (XLM)

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XLM

Stellar Lumens (XLM) began its journey as a legitimate cryptocurrency in 2014. It was introduced as an open source protocol for value exchange to the traders. The past few years were not very fructuous for this coin as the price trend was generally downward due to the overwhelming influence of Bitcoin. However, the scenario started to change from the beginning of 2018 when Bitcoin’s price plummeted unprecedentedly and a significant number of traders started to have doubts about its stability. Stellar Lumens reached its apotheosis on January the 4th of this year when its market cap crossed the 15 billion USD mark. Since then, this coin has been performing reasonably well although it has been unable to reach the magic figure once again.

Very recently, the XLM development team has taken a few initiatives in order to make this cryptocurrency protocol more efficient and advantageous to its users. Here, some of its most recent updates would be discussed in order to depict a picture of their probable impact on XLM’s future.

The USD Anchor Network Progress and Launching of SDEX:

According to the news revealed by the Reddit community of this currency, the XLM Stronghold is about to launch the first USD anchor in the blockchain system. The Stronghold exchange is dependent on the Stellar Networks designed to be intrinsic in the protocol as well as in the decentralized mechanism. Since the inception of Stellar Lumens in 2014, the Stronghold exchange platform has been supporting this coin and this event of launching a USD anchor would not be an exception as well. Once the launching is completed, the XLM holders would be able to deposit and withdraw USD from the aforementioned anchor rather easily unlike the coin swap mechanism of other coins. This USD anchor, combined with inexpensive transaction system of this platform, is likely to facilitate a swift exchange with various other assets.

Besides launching the USD anchor, the Stellar Development Platform (SDF) is also about to launch their own decentralized exchange named Stellar Decentralised Exchange or SDEX. Both of these upgrades are likely to be completed shortly.

Negotiations to Purchase Chain:

The Stellar team is currently negotiating in order to purchase Chain, a reputed firm based in the San Francisco area that predominantly focuses on the blockchain technology. This firm is well-known in the crypto-world for designing the Sequence platform which is basically a ledger capable of securely tracking and transferring balances in a token format. If the XLM team becomes able to secure this deal after negotiation, Sequence would make Stellar’s blockchain system accessible to the software development enthusiast. As an obvious ramification, the platform focus would shift from ledger infrastructure to product scaling.

If the deal goes through successfully, the mode of payment would manifestly be XLM, the default currency of Stellar Lumens platform. As a result, the usability of this currency as a legitimate medium of payment and transaction would be promulgated to myriads of traders across the world. The Stellar platform has already been able to raise a significant amount of money (over 43 million USD), majorly because of the support from organizations like Citi Ventures, VISA, NASDAQ, and many others. The Stellar team has also announced giving away a total of $500 worth of XLM coins once this deal is closed which would certainly augment its circulation and popularity further.

Other Notable Upgrades:

This cryptocurrency has been engaged in several lucrative partnerships over the past few months and awaiting profitable outcomes from them. For example, in May 2018, IBM strongly indicated the fact that they have been working on a brand new cryptocurrency based on the blockchain ecosystem of Stellar Lumens. Also, Kik, a familiar name in the messaging and chat sector has also mentioned their interest in designing a cryptocurrency based on the same platform.

On June 22 of this year, a reputed Philippines based bank RCBC opted for Stellar instead of Ripple as a medium of transaction. Also, XLM is one among the top seven cryptocurrencies that are expected to be legalized in Thailand shortly.

Current Condition of Stellar:

As of 26th June 2018, Stellar Lumens holds the seventh position on the Coinmarketcap with a commendable market capitalization of circa 3.6 billion USD along with a price equivalent to nearly $0.19. Despite the universal downward trend in the cryptocurrency market, XLM has managed to exhibit some resilience in its price.

Final Thoughts:

Owing to the volatility of the cryptocurrency market, it is nearly impossible to predict the future of a coin accurately. According to many speculators, the price of Stellar is likely to dip a bit because of the $500 giveaway once this Chain purchase deal is done. However, after that sudden dip, the price is likely to go upward again rather expeditiously because of the new developments. Keeping these new upgrades in mind, it can be inferred that traders can still put their trust on this coin in 2018.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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